Does Gemini Report to the IRS?

Yes, Gemini reports certain transactions to the IRS. As a US crypto exchange, Gemini must comply with IRS reporting requirements for users who meet certain income thresholds. If you earn over $600 from activities on Gemini (such as bonuses or promotions), Gemini will issue a 1099-MISC form to you and the IRS.

Starting with the 2025 tax year, Gemini will also be filing the 1099-DA.

What Gemini users should know about Form 1099-DA

Form 1099-DA is the IRS information return for brokered sales or exchanges of digital assets. Beginning with transactions on or after January 1st, 2025, US brokers like Gemini must file and furnish 1099-DA reports for the gross proceeds from covered crypto disposals (for example, when you sell crypto for cash or swap one coin for another).

For the 2025 tax year, cost basis is not included on 1099-DA, so you’ll still need your own records to compute gains and complete Form 8949/Schedule D accurately. Cost-basis reporting on 1099-DA is scheduled to start with transactions on or after January 1st, 2026 for covered, same-broker assets (i.e., assets acquired and held with that broker under the rules).

Brokers are also required to collect and confirm customers’ US tax status (e.g., W-9/W-8). Accounts without a certified TIN will be subject to federal backup withholding of 24% on reportable proceeds (plus any applicable state withholding) once those rules take effect in 2026, and may face limited trading access from January 1st, 2027.

Regardless of whether you receive a 1099-DA, you’re still responsible for keeping complete records and reporting all taxable crypto activity on your return.

Transactions on Gemini can have various tax implications depending on the activity. Trading or selling crypto on Gemini can result in capital gains or losses. The IRS requires that all profits and losses be reported, including short-term and long-term gains, depending on how long you held the asset before selling. Failing to report these can result in penalties or issues with the IRS.

Additionally, if you receive income through Gemini, such as bonuses, staking rewards, or Gemini Earn interest, this income is typically subject to income tax. Users must report these earnings at fair market value on the date received. TokenTax can assist with calculating these earnings and ensuring that each transaction is categorized correctly for tax purposes.

Gemini Earn allows users to earn interest on their crypto holdings, but the IRS considers this interest taxable income. The interest earned through Gemini Earn is treated similarly to bank interest income, and users must report it as income on their tax returns. The fair market value of the interest at the time it is received determines the taxable amount.

Gemini Earn users must keep track of each interest payment and report it as income. TokenTax can help automate the tracking and calculation of these earnings, simplifying tax season by providing clear documentation for each income event.

Reporting Gemini earnings involves categorizing transactions into types such as trades, interest income, and rewards. Each category has unique tax implications, with trading profits typically reported as capital gains or losses and interest and bonuses reported as ordinary income. To report these earnings accurately, you’ll need a complete record of all transactions made on Gemini.

TokenTax simplifies the reporting process by allowing you to import your Gemini transaction history. Once imported, TokenTax organizes the transactions and calculates the appropriate tax for each event, providing you with a clear earnings summary to include on your tax return.

We’ve answered, “Does Gemini exchange report to IRS?” So, what about tax documents? Gemini does provide certain tax documents. For users who earn over $600 through Gemini Earn or promotional bonuses, Gemini issues a 1099-MISC form. Now generally Gemini will be required to file the 1099-DA, from tax year 2025.

Because of this limitation, Gemini users must track their trades independently or use specialized crypto tax software like ours at TokenTax. TokenTax helps fill this gap by creating a complete record of your Gemini transactions, ensuring all taxable events are accurately reported.

Gemini sends limited tax records, focusing on income over $600, reported on a 1099-MISC form as well as the 1099-DA. To avoid tax complications, keeping thorough records of all trading activities on Gemini is crucial. Crypto tax software like ours at TokenTax can help you organize these records and generate the necessary tax forms based on your complete transaction history.

Note that the 1099-DA form starting for the 2025 tax year should include much more information and will likely be helpful during tax season.

No, Gemini does not currently send Form 1099-B to users. A 1099-B is typically issued for capital gains and losses, which are common in stock trading but not universally supported by crypto exchanges. Without a 1099-B, Gemini users must calculate their gains and losses independently or use a tool that can accurately track and report these values.

TokenTax can help by importing your Gemini transaction data and categorizing each trade to determine gains, losses, and other tax obligations. This allows you to report accurately without relying on Gemini to provide a 1099-B.

You can export your transaction history from the platform to get tax documents for your Gemini transactions. Gemini allows users to download a CSV file of their trades, which can then be imported into tax software like TokenTax. This CSV file includes essential data on purchases, sales, and other activities needed for accurate tax reporting.

TokenTax integrates with Gemini, making it easy to import your data, calculate your tax liability, and generate necessary tax forms. For users looking for additional resources on exchanges, our guide on the best crypto exchange provides insights on top platforms.

Looking to calculate your crypto taxes? Try our free crypto tax calculator.

There are several strategies to reduce your tax liability on Gemini transactions:

• Tax-Loss Harvesting: Selling assets at a loss to offset gains can help reduce your taxable income.

• Holding for Over a Year: Long-term holdings are subject to lower capital gains tax rates, so holding assets for more than a year can be beneficial.

• Gifting Crypto: In some cases, gifting crypto can help reduce taxes, as you may avoid certain capital gains when transferring assets.

These strategies can be complex, but using TokenTax can help you implement them while staying compliant. TokenTax tracks your trades and calculates the impact of tax-reducing strategies, giving you a clear picture of potential savings.

Learn more about how to reduce your crypto taxes.

TokenTax provides a comprehensive solution for managing Gemini taxes. By importing your Gemini transaction data, TokenTax categorizes each activity, calculates gains and losses, and organizes income earned from programs like Gemini Earn. This makes it easy to comply with IRS requirements without relying on incomplete tax documents from Gemini.

With ongoing support for the latest IRS crypto tax guidelines, TokenTax ensures you receive accurate calculations, helping you report your Gemini earnings correctly. By streamlining the reporting process, TokenTax allows you to focus on your investments rather than manual tax calculations.